Income Tax

Tax Planning for North Carolina Business Successions

Posted on: April 7th, 2015

While transferring business interests can have tax consequences, structuring a business succession plan with regard to tax law can help minimize tax burdens associated with business transfers to surviving family members when a business owner or partner dies. The Tax Foundation, a tax policy research group, ranks North Carolina Business Tax Climate Index as the...

10 Things to Ask Your Accountant: Small Biz Webinar

Posted on: March 30th, 2015

Our tax attorneys in Chapel Hill recently reviewed the advantages and disadvantages of investing or gifting your tax refund, tax issues when settling an estate, and ways to protect yourself from tax preparer fraud. As the tax season filing deadline fast approaches, the Internal Revenue Service is offering a community service through a webinar. Tomorrow...

Invest or Gift This Year’s Tax Refunds?

Posted on: March 16th, 2015

During tax season, filers try to maximize their deductions. Proper tax planning helps minimize tax due, and could result in a sizable refund. Taxpayers who receive refunds can spend them however they choose, but what strategy offers the most benefits? Tax refunds might be spent frivolously or sensibly. Using the money toward a vacation could ...

Delay Filing: North Carolina Tax Changes Pending

Posted on: January 26th, 2015

The North Carolina General Assembly will review potential changes to North Carolina income tax laws on January 28, 2015. Filers should wait until after this date to submit their tax returns to prevent potentially refiling returns if tax changes are passed....

North Carolina 2014 Tax Year Changes to Note

Posted on: December 12th, 2014

Individuals and businesses across North Carolina are approaching the end of the 2014 tax year. Our tax attorneys in Chapel Hillreview below a few income tax legislation amendments for the 2014 tax year. ...

Pending Court Case May Affect ‘Double Income Tax’

Posted on: October 27th, 2014

A couple’s case addressing the taxation of out-of-state income by their resident state is currently pending in the United States Supreme Court. Comptroller of the Treasury of Maryland v. Wynne questions the circumstances under which income earned out-of-state may be taxed, whether tax credits exist and what they provide, and if these procedures comply with state and county tax clauses....